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ow! that iron could be saved. the inexpensive way would just be to use some 400 grit paper on a sanding block. it also could be sent out for lapping and a re-nitriding
Go over that iron with a box cutter blade. I bet that is all you will need to do to it. The little bit of pitting it might have isn't super critical. All it needs is to be flat. Others might have other opinions but that is what I would do first.